Texas is poised to get its own stock exchange — with less red tape than the NYSE or Nasdaq

Texas is set to get its own stock exchange, The Wall Street Journal reported.

BlackRock and Citadel have backed the TXSE group, which has raised $120 million, per the report.

The exchange plans to impose fewer rules and regulations than its New York-based rivals.

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Texas is set to get its own stock exchange to rival those in New York, The Wall Street Journal reported.

BlackRock and Citadel are among the backers of the TXSE, which has raised about $120 million from investors and plans to register with the Securities and Exchange Commission later this year, CEO James Lee said.

He told The Journal the exchange would be based in downtown Dallas and aimed to open for trading in 2025.